Section 41-09-16 - (9-206) Security interest arising in purchase or delivery of financial asset1. A security interest in favor of a securities intermediary attaches to a person's security entitlement if: a. The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; andb. The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.2. The security interest described in subsection 1 secures the person's obligation to pay for the financial asset.3. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:a. The security or other financial asset:(1) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and(2) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; andb. The agreement calls for delivery against payment.4. The security interest described in subsection 3 secures the obligation to make payment for the delivery.